Ethereum Loses Ground – Further Dips Could Expose Price To Key Support Zone

Ethereum price started a fresh decline below $4,600 and $4,500. ETH is now moving lower and might extend losses below $4,250 in the short ￰0￱ started a downside correction below $4,550 and $4,500. The price is trading below $4,450 and the 100-hourly Simple Moving ￰1￱ is a key bearish trend line forming with resistance at $4,385 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it trades below $4,250.

Ethereum Price Dips Further Ethereum price failed to stay above $4,550 and started a fresh decline, like ￰2￱ price dipped below the $4,500 and $4,450 levels to enter a bearish ￰3￱ price tested the $4,270 zone. A low was formed at $4,270 and the price is now consolidating ￰4￱ was a minor recovery wave toward the 23.6% Fib retracement level of the recent decline from the $4,760 swing high to the $4,270 low. However, the bears are active near the $4,380 level. Besides, there is a key bearish trend line forming with resistance at $4,385 on the hourly chart of ETH/USD.

Ethereum price is now trading below $4,450 and the 100-hourly Simple Moving ￰5￱ the upside, the price could face resistance near the $4,385 level and the trend ￰6￱ next key resistance is near the $4,450 ￰7￱ first major resistance is near the $4,510 level or the 50% Fib retracement level of the recent decline from the $4,760 swing high to the $4,270 low. A clear move above the $4,510 resistance might send the price toward the $4,570 ￰8￱ upside break above the $4,570 region might call for more gains in the coming ￰9￱ the stated case, Ether could rise toward the $4,640 resistance zone or even $4,720 in the near ￰10￱ Losses In ETH? If Ethereum fails to clear the $4,450 resistance, it could start a fresh ￰11￱ support on the downside is near the $4,320 ￰12￱ first major support sits near the $4,270 zone.

A clear move below the $4,270 support might push the price toward the $4,250 ￰13￱ more losses might send the price toward the $4,150 region in the near ￰14￱ next key support sits at $4,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish ￰15￱ RSI – The RSI for ETH/USD is now below the 50 ￰16￱ Support Level – $4,320 Major Resistance Level – $4,450